TOKYO, March 10 (Reuters) - The euro came under bearish
pressure in Asian trade on Thursday ahead of a European Central
Bank meeting that is expected to result in further easing steps,
while the kiwi skidded after the Reserve Bank of New Zealand
surprised with an interest rate cut.

The New Zealand dollar nursed losses after tumbling
more than a cent after the RBNZ's decision to cut its official
cash rate by 25 basis points to 2.25 percent, citing a material
decline in a range of inflation expectation measures. The
central bank also signalled at least one more rate cut to come.

The New Zealand currency was last down 0.3 percent at
$0.6635 after dipping to a one-week low of $0.6618, well below
its overnight high of $0.6809.

The ECB is expected to cut the deposit rate by 10 basis
points to -0.40 percent, announce more asset purchases and
possibly introduce tiered interest rates like the Bank of Japan
in a bid to boost inflation, according to a Reuters poll
published on Monday.

"This is probably not a consensus view, but the market is
almost pricing in the entire kitchen sink from the ECB, and I
think it's setting itself up for disappointment," said Jennifer
Vail, head of fixed-income research at U.S. Bank Wealth
Management in Portland, Oregon.
Continued...